Internet Computer Token (ICP), the governance token for the Dfinity foundation was listed on Coinbase Pro yesterday with a market cap of $45 billion, making it the 8th largest cryptocurrency by market cap on debut. The price of the token has registered wild price volatility ever since listing as it registered a new ATH of $737 before settling around the $350 mark. ICP token is currently trading at $334 with a market cap of $42 billion.
ICP token is a smart contract-based decentralized alternative for some of the most popular social media platforms such as Whatsapp and Tiktok. The founders of the project aim to make it the top internet software solution ecosystem. The aim is to create an Ethereum platform for developers on the internet with high scalability and a formidable smart contract ecosystem.
The reason for such price fluctuation is being attributed to the low liquid coins out of the already small market supply making the demand quite high yet fluctuating. According to Meesari’s analysis total value of ICP tokens currently in circulation is only about 26% of the total supply with no definitive schedule for supply.
The controversy around ranking cryptocurrencies by market cap has been quite long, many analysts have pointed out the flaws in the metrics since it does not offer a level playing ground as not every crypto asset has the definitive market supply or same market cap. The same is true in the case of ICP whose liquidity is a mere one-fourth of the total market supply.
Another example is the rise of popular meme currency Dogecoin to become the fourth largest crypto asset. Comparing a digital asset (meme currency) with an infinite supply against the likes of finite supply tokens makes the rankings redundant.
Federal Reserve Bank of Philadelphia President Anna Paulson has shared her thoughts on the economic…
The 'Trump Insider Whale' who shorted Bitcoin last week, just before the largest crypto market…
Bitget has published its 2025 Crypto Market Confidence and Bitcoin Investment Trend report for the…
Michael Saylor's Strategy has resumed its weekly Bitcoin purchase after a one-week break. This latest…
China Renaissance Bank is reportedly planning to raise $600 million for a new publicly listed…
XRP funds recorded another week of strong inflows of $61.6 million. This indicates institutional interest…